Automated debt payment system and method using ATM network

ABSTRACT

An electronic funds transfer methodology for providing access to a plurality of non-bank loan payment processors (loan servicers) through established ATM (automated teller machine) networks, thereby creating a payment system designed to allow a consumer to initiate an electronic transfer of funds from a primary bank transaction account (e.g., checking account, savings account) to a loan servicer to satisfy an outstanding consumer debt or payment obligation. Automated payment of consumer debt obligations through use of an ATM network is facilitated by a processor and associated software, which are employed to combine specific consumer loan payment data with specific depository transaction account information through an electronic ATM network for the purpose of affecting a more efficient loan payment/servicing process. Information relevant to the loan payment is electronically communicated from the loan servicer through software designed to access the servicer&#39;s loan database, extract specific fields from designated records, and communicate this information to a third party central computer. The third party central computer reformats the data as necessary, aggregates this information with any similar information received from other loan or debt servicers, and transmits the aggregated information to one or more ATM transaction processors.

BACKGROUND OF THE PRESENT INVENTION

Numerous processes and devices exist for facilitating electronicpayments. Today, virtually all domestic banking institutions offercustomers the ability to conduct a limited number of electronictransactions either from an automated teller machine (ATM) locatedon-site at the institution, or from a remote ATM serving theinstitution. The remote services are made possible in part through thedevelopment of communications systems that provide for theinterconnection of many clearing house or regional, national, orinternational electronic funds transfer (EFT) networks. These networksare specialized digital packet networks that communicate with variousATM transaction processors and service providers using standard messageprotocols developed by ANSI and others. A more-or-less standard, genericATM interface has developed in the banking industry, making itrelatively easy for a consumer to use any ATM on any ATM network once hehas learned how to interact with this more-or-less standard interface.Of course, ATMs produced by different manufacturers may differ in keyplacement, number of keys, key legends, screen size, etc. However, therehas been a trend toward standardization of these features so as tominimize user discomfort with using a “foreign bank” ATM.

FIG. 1 illustrates a block diagram of an existing prior art system usedto process a typical ATM transaction, such as a cash withdrawal orbalance inquiry, shown generally at 8. As seen in FIG. 1, the ATMtransaction system includes an ATM transaction processor 14, an ATMnetwork access device (such as an ATM terminal) 15, an ATM bankinginstitution 16, a consumer banking institution 18 (where the ATM bankinginstitution 16 and the consumer banking institution 18 can be one andthe same), and an automated clearing house (ACH) network 20. ATM networkaccess device 15 is connected to ATM banking institution 16 through asuitable communications path 17. ATM transaction processor 14 isconnected with a host computer at ATM banking institution 16 throughcommunications path 19, with a host computer at consumer bankinginstitution 18 through communications path 21, and with ACH network 20through communications path 23. As is known to those of skill in theart, appropriate information is exchanged between ATM transactionprocessor 14, ATM banking institution 16, consumer banking institution18, and ACH network 20 to effect an ATM transaction.

ATM network access device 15 may be physically co-located with the ATMbanking institution 16, or may be remotely located with respect thereto.In operation, ATM network access device 15 serves as an interfacebetween a user and the ATM network to receive input from the user and toprovide necessary output (and funds, when necessary) to the user. ATMnetwork access device 15 retrieves user information from an ATM cardinserted by a user to initiate an ATM transaction, and receivesappropriate associated PIN information and transaction information fromthe user. This information is passed through communication path 17 tothe ATM banking institution 16. As necessary, information is thentransferred through communications path 19 to ATM transaction processor14. ATM transaction processor 14 identifies the consumer bankinginstitution 18 from the information retrieved from the user's ATM card,and passes the necessary transaction information entered by the user tothe appropriate consumer banking institution 18 through communicationspath 21.

Consumer banking institution 18 verifies the user's account data andverifies that the user has sufficient funds available for the requestedtransaction. Consumer banking institution 18 then forwards anauthorization message (either a deny transaction request message or aproceed with transaction message, for example) to the ATM transactionprocessor 14 through communications path 21. ATM transaction processor14 then forwards the authorization message back to the ATM bankinginstitution 16 through communications path 19. These messages serve toconfirm that the transaction is to proceed or be prohibited. Uponreceipt of the authorization message, the ATM banking institution 16forwards the authorization to the ATM network access device 15 usingcommunications path 17. Based on the authorization received, the ATMnetwork access device 15 provides suitable information and funds, ifrequested, to the user. The user then has the option of terminating thesession, or initiating another transaction, which would proceed in asimilar fashion.

Once the consumer has terminated the ATM banking session, the ATMtransaction processor 14 forwards a confirmation record of the completedtransaction to the ATM banking institution 16 using communications path19, and forwards an identical confirmation record to the consumer'sbanking institution 18 using communications path 21. ATM transactionprocessor 14 also forwards a record of the transaction and informationto facilitate the appropriate debiting and crediting of the necessaryaccounts to a designated ACH network 20 through communications path 23.ACH network 20 then operates to debit (where the user has requested awithdrawal of funds, for example) the user's account at the consumerbanking institution 18 using communications path 25, and to issue acredit to the ATM banking institution 16 using communications path 27.Finally, ATM transaction processor 14 creates a record of thetransaction and writes that record to a back-up data and transactionslog 13 for any future reference, if necessary.

Most ATMs, however, do not currently permit customers to pay bills, makedebt payments or conduct other complex financial transactions, butinstead typically limit the user to withdrawals, account inquiries,account transfers, and, if the ATM the user accesses is that of his ownbank, deposits. There are some circumstances where ATMs have been usedto conduct transactions, such as bill payment transactions, in additionto those described above. However, in the case of bill paymenttransactions, the consumer is usually limited to making bill paymentsonly to certain entities specified in advance by the bank, and isrequired to complete a somewhat onerous registration process forestablishing ATM-based bill payment authority or privileges. Other ATMterminals have been modified to accept almost any bill payment fromconsumers. In such instances, the ATM functions more like a mail box:the consumer initiates a bill payment, keys in the amount to be paid,and places the payment coupon and the payment amount, either as cash ora check, into an envelope and “deposits” the bill payment into the ATM.In both of the scenarios described above, the bank assumes the role of apayment processor, separating and forwarding consumer bill payments byvendor. Neither payment methodology involves an electronic fundstransfer, and neither the bank nor the vendor realizes any noticeableimprovement in processing efficiency.

While personal banking and home banking initiatives have become moreprolific in the past several years, the costs associated with suchefforts, both for the bank and the consumer, have proven prohibitive.Service providers incur very high communications costs in linking theircentral processors with personal computer (PC) users, banks, and payees(merchants). Many payees also do not accept electronic payments (forlack of substantial volume), forcing service providers to make costlypaper-based payments. Settlement processing can be costly, as banks mustinstall special purpose software and operating procedures. These andother costs have been passed along to consumers, thereby dampening thedemand for home banking services.

These limitations are reflected in U.S. Pat. No. 5,220,501, Lawlor etal. The process for an electronic monetary system as described by Rosenin U.S. Pat. No. 5,453,601 addresses some of the problems associatedwith certain payees not accepting electronic payments, but the describedinvention has not yet been widely implemented, if at all. In addition,many banks have developed PC and telephone banking processes merely toallow the consumer to create a paper check at the bank through a PC ortelephone. The bank then processes the check in the same manner asconsumer-written checks. While the consumer has not had to physicallywrite a check, the bank must remit the paper payment created by theconsumer, with little or no operational savings or efficiencies to thebank.

The effort to provide more home banking services has prompted a numberof inventions that provide access to accounts through variousmodifications of pre-existing hardware that dial into payment networksor bank systems for processing transactions. These are described in U.S.Pat. Nos. 5,025,373; 5,591,949; 5,424,938; 5,050,297; 5,336,870.Virtually all of these inventions only increase the accessibility of theexisting ATM/banking process without addressing the functionality ofaccessing and processing loan and other debt payments serviced bynon-depositories.

Another similar approach that has met limited success has been theestablishment of automatic drafting mechanisms for payment of specificconsumer obligations. In this scenario, the consumer provides the vendorwith information regarding his bank's automated clearing house (ACH)routing number and his account number. The vendor then drafts the amountowed, usually according to a set schedule, from the consumer's accounteach month. The process is efficient for the vendor and for the bank,but leaves the consumer with little control as to the timing of thedraft and the amount of the draft. It is not until the draft has alreadyoccurred that the consumer is aware of the transaction, and thus able toverify the transaction's accuracy. Nor does the consumer receive arecord of the transaction until the bank issues a periodic statement ofthe account. This is the type of invention described by Duval, et al. inU.S. Pat. No. 5,469,991, a pre-authorized billing system.

Finally, point-of-sale (POS) transactions are growing more prevalent,with ATM card readers and key pads appearing in grocery stores,convenience stores and gas stations, among others. While the predominantuse of the POS terminals has been to speed the check-out time (increasepayment efficiency), POS debit transactions have also provided asubstitution for cash and have served to reduce the number of checksreturned to the vendor due to insufficient consumer funds balances.During a POS transaction, the consumer swipes the ATM (or debit) cardthrough a card reader. Assuming an on-line debit transaction (versus anoff-line credit-oriented transaction), the consumer enters a uniquepersonal identification number (PIN), and then waits for the cardreader/register to communicate to the transactions processor the totalamount of the sale (i.e., the amount to be debited from the consumer'stransaction account). (In U.S. Pat. No. 5,484,988, Delfer describes asimilar process that scans a consumer's account information from aphysical paper check presented at the point-of-sale.) After receivingverification from the consumer's bank that sufficient funds exist in theconsumer's account to cover the transaction and an authorization fromthe consumer's bank to proceed, the transactions processor forwards tothe POS terminal a transaction approval message (or, in the case ofinsufficient funds, a denial). Funds are routed from the consumer's bankaccount to the vendor through an ACH network. This scenario providesefficiencies for the vendor, the bank, and the consumer, butunfortunately requires a purchase transaction to initiate the process.Such a requirement is unrealistic for the repayment of a loan or otherdebt obligation.

SUMMARY OF THE INVENTION

In view of the foregoing, it is an object of the present invention toprovide a system and method for automated debt payment through the useof ACH debiting and crediting of various payor and payee accounts.

It is yet another object of the present invention to provide a systemand method for automated debt payment wherein individual consumer debtpayments (i.e., debits) can, if necessary depending on the type of debt,be automatically divided among (i.e., credited to) a plurality of payeeaccounts.

It is a still further object of the present invention to provide asystem and method for automated debt payment that uses an establishedATM network to receive information from a consumer identifying a type ofdebt payment to make and, if he wishes to pay more than the minimumamount due, an amount to pay.

It is a still further object of the present invention to provide asystem and method for automated debt payment that interfaces betweenexisting ATM networks and debt servicer systems to facilitate thepayment of debt obligations by a consumer through the use of the ATMnetwork.

It is yet another object of the present invention to provide a systemand method for automated debt payment that operates to convert debtinformation between formats used by various debt servicers and a formatused by an ATM network.

It is also an object of the present invention to reduce paymentprocessing costs for debt servicers, such as loan servicers (e.g.,mortgage, auto and home equity loan servicers), other monthly consumerdebt and bill payment processors (e.g., credit card companies, publicutilities, and phone and cable companies), and time payment processors(e.g. leasing and rental companies) through the use of ACH debiting andcrediting of various payee and payor accounts involved, including thoseaccounts into which segregated portions of the consumer payment must bedeposited.

It is yet another object of the present invention to provide a systemand method for automated debt payment that reminds a user of an ATM,during an ATM banking session, that a loan or debt payment is due orpast due, thereby prompting the consumer to transact the payment of thatloan or debt obligation at that time.

Yet a further object of the present invention is to make the debtpayment process easier and less costly for the consumer by eliminatingthe need for the consumer to write a check, keep track of paymentcoupons or monthly statements, and to eliminate postage costs and anyuncertainty related to items being lost in the mail.

An additional object of the present invention is to ensure that consumerpayments are made in amounts acceptable to the loan servicer, therebyeliminating uncertainties with respect to consumer intent that occurswhen payments are submitted for amounts other than that which the debtservicer is expecting.

A further object of the present invention is to facilitate the paymentof consumer debt obligations where the amount of the obligation due eachmonth is not a perpetually fixed amount.

It is also an object of the present invention to provide a system andmethod for automated debt payment wherein debt obligation information(i.e., minimum payment amount due, due date) is periodically updatedfrom debt servicers records.

Yet another object of the present invention is to facilitate the paymentof past due consumer debt obligations, where such obligations may besubject to a penalty charge, thereby affecting (or increasing) theminimum payment amount due.

Another object of the invention is to eliminate costs for the servicerand the consumer related to returned items (i.e., items returned forinsufficient funds).

A still further object of the invention is to provide the consumer withdirect and timely access to loan balance and payment information withouthaving to contact the loan servicer.

Yet another object of the invention is to integrate, via batchprocessing, or make available, via a communications connection such as amodem connection, non-depository (i.e., non-bank) controlled consumerloan, debt and other obligation payment data to depository-controlledATM transaction networks.

A further object of the invention is to facilitate any reconciling andreporting that the loan servicer must perform by reducing humanintervention in those processes and therefore reducing human error.

These and other objects are achieved by the present invention, whichprovides an automated debt payment system and method for providingaccess to a plurality of non-bank loan payment processors (loanservicers) through established ATM networks, thereby creating a paymentsystem designed to allow a consumer to initiate an electronic transferof funds from a primary bank transaction account (e.g., checkingaccount, savings account) to a loan servicer to satisfy an outstandingconsumer debt or payment obligation. The present invention provides asystem and method to facilitate automated payment of consumer debtobligations through the use of an ATM network, wherein a transactionsprocessor and proprietary software are employed to combine specificconsumer loan payment data with specific depository transaction accountinformation for the purpose of effecting a more efficient loanpayment/servicing process. Information relevant to the loan payment iselectronically communicated from the loan servicer through softwaredesigned to interact with the servicer's loan database, extract specificfields from designated records, and communicate this information to athird party loan payment facilitator's central computer. The third partyloan payment facilitator's central computer reformats the data asnecessary, appends this information with any similar informationreceived from other loan or debt servicers, and transmits the appendedinformation to one or more ATM transaction processors.

All loan servicer data will be subject to standardization, since datareceived from loan servicers by the 3rd party central computer willconsist of multiple file and field layouts and descriptions. Once alldata has been received from contracting loan servicers, the centralcomputer will translate each loan servicer's data into a common,standard format complying with ANSI X.9, ANSI X.12, ISO 8583 or othersuitable standards as adopted by the financial services and ATMtransactions processing industries. Once converted, standardized recordsfiles will be appended. Standardized records will be available to ATMtransaction processors either in batch transmittal or on-line modeduring consumer ATM transactions. Batch transmittal will require theprocessor to temporarily store (i.e., update daily) loan servicerrecords internally in database format either as a part of or separatefrom other consumer depository account records. Processors not wishingto store loan servicer records on-site will be able to access thecentral computer via standard communications paths, such as a dial-upmodem connection, lease line, or TCP/IP, during any on-line consumer ATMtransaction. Either access method will provide the ATM transactionprocessor access to the consumer's loan or debt payment obligationsduring any consumer-initiated ATM transaction, thereby allowing theprocessor to facilitate the consumer's payment request or to prompt theconsumer to make a debt payment based upon dictated transactionprecedence logic.

In accordance with the present invention, an ATM banking institutionmodifies existing ATM screens to allow for loan payment, but isotherwise not involved in the process of allowing the consumer to accessthe loan payment process nor in restricting the institutions whoseobligations would be paid through the ATM network. In addition, thepresent invention fully incorporates electronic funds transfers throughEFT and ACH networks, thus offering loan servicers and paymentprocessors opportunities for significant improvements in processingefficiency.

Where specific loan investors require that the finds from their loans bekept separate and apart from loans processed by the servicer for otherinvestors, the present invention provides for ACH debiting and creditingof the various payee and payor accounts involved, including thoseaccounts into which segregated portions of the consumer payment must bedeposited. To illustrate, in the case of mortgage loans, a single loanservicer might process monthly mortgage payments for loans owned byFannie Mae, Freddie Mac, Ginnie Mae, the Federal Housing Administration,and other private investors. Payments received on Fannie Mae loans mustbe deposited to an account separate from payments received on any othernon-Fannie Mae loans. Additionally, the principal and interest portionof the mortgage payment must be deposited to an account separate fromthe real estate taxes, hazard insurance and mortgage insurance premiumportions of the payment. In all, a single consumer check received by amortgage loan servicer as a monthly mortgage payment may first have tobe deposited to one account, and the representative dollar amount laterdivided, separated and deposited to three or more separate accounts.Similarly, a credit card servicer might process monthly consumer creditcard payments for several credit card issuers. Again, payments receivedfor the accounts of separate card issuers must be deposited separatelyand apart from payments received for the accounts of other card issuers.Through the use of ACH debiting and crediting, and particularly throughthe issuance of multiple ACH credits to effect the transfer of funds tomultiple different accounts, payment processing costs are reduced forloan and debt servicers.

In accordance with this feature of the present invention, thecomplexities of segregating consumer payments into separate depository(i.e., custodial) accounts is reduced. Upon consumer initiation of adebt payment via an ATM terminal, the ATM transactions processor willretrieve the consumer's debt payment data. This data will include suchinformation as the total dollar amount of the payment due, the identityof the payee, the payee's ACH routing number, and the appropriateaccount number of the bank account to which the consumer's payment is tobe deposited (i.e., electronically transferred). For transactions suchas mortgage payments, the payment data retrieved by the ATM transactionsprocessor will further include the subtotal amounts of the consumer'spayment representing the principal and interest portion, the real estatetax portion, the insurance portion, etc., as well as the separatedepository account numbers into which those subtotal amounts are to beelectronically transferred. From the consumer's perspective, histransaction account will be debited for a single dollar amount. However,during the actual electronic transfer of funds from the consumer'saccount to the payee, that single debit amount will be further dividedand routed to separate depository accounts by the issuance of multipleACH credits.

This feature (i.e., that of electronically segregating the payment debitinto multiple depository credits) marks a significant improvement overexisting automatic drafting and debit payment processes. Consumerpayments that do not require segregation into separate custodialaccounts (i.e., monthly utility payments) will be facilitated throughthe issuance of a single ACH debit and a single ACH credit, therebytransferring the payment amount from the consujmer's transaction accountand depositing that full payment amount into one designated depositoryaccount.

In accordance with the present invention, a messaging (or reminder)prompt is provided to consumers during ATM transactions, indicating thata loan or debt payment is due or past due, thereby prompting theconsumer to transact the payment of that debt or loan obligation at thattime. Messaging prompts are date sensitive, based upon a logicalcomparison of the current day's date to the payment due date recorded inthe consumer's loan payment record available to the ATM transactionprocessor through a 3rd party debt payment facilitator. In the contextof current ATM transaction protocols, this feature is also unique to thepresent invention. While serving as a reminder function for theconsumer, this feature offers the loan servicer the ability to eliminatethe mailing of monthly payment reminders and/or past due notices.

The present invention also eliminates the need for the consumer to writea check, keep track of payment coupons or monthly statements, and willeliminate postage costs and any uncertainty related to items being lostin the mail. In this manner, the present invention makes the paymentprocess easier and less costly for the consumer.

The present invention also operates to ensure that consumer payments aremade in amounts acceptable to the loan servicer, thereby eliminatinguncertainties with respect to consumer intent that occurs now whenpayments are submitted for amounts other than that which the servicer isexpecting. The invention will not allow the consumer to remit a paymentamount less than the minimum payment due as displayed on the ATM screento the consumer. Any dollar amounts remitted by the consumer, via theinvention, in excess of the minimum payment due are automaticallyapplied to debt principal reduction. Furthermore, since consumers willonly be able to remit payments electronically via an ATM when there aresufficient funds in the designated transaction account to cover thepayment, costs for the servicer and the consumer related to returneditems (i.e., non-sufficient funds) will be eliminated.

The present invention also facilitates the payment of consumer debtobligations where the amount of the obligation due each month is not aperpetually fixed amount. Utility bills vary from one month to the next.The minimum payment due, and the actual amount paid by consumers, onmost credit and/or charge cards also typically varies from one month tothe next. Mortgage loan payments can change due to the imposition ofadjustable interest rates. The present intention is designed to receiveupdated payment information from loan and debt servicers on a dailybasis, thus ensuring that the minimum payment amount due as displayed tothe consumer on the ATM screen complies with the payment terms requiredby the respective loan servicer.

The present invention further operates to facilitate the payment of pastdue consumer debt obligations, where such obligations may be subject toa penalty charge, thereby affecting (or increasing) the minimum paymentamount due. For example, a payment due today may be subject to a latecharge if received tomorrow, thereby increasing the amount of theobligation due if the payment is transacted by the consumer tomorrow.Again, because the present invention receives updated paymentinformation from loan and debt servicers on a daily basis, the minimumpayment amount due as displayed to the consumer on the ATM screen willalways comply with the payment terms required by the respective loanservicer.

The invention also operates to provide the consumer with direct andtimely access to loan balance and payment information without having tocontact the loan servicer. The consumer will automatically receive areceipt of any payment transaction executed, with relevant loan balanceand payment information printed thereon, and will also be able torequest this information through the ATM at times other than when makinga payment.

BRIEF DESCRIPTION OF THE DRAWINGS

FIG. 1 shows a block diagram of a conventional ATM system illustratingthe transactions that occur during a typical ATM transaction.

FIG. 2 shows a block diagram of the present invention illustrating thetransactions that occur during the payment of a debt obligation inaccordance with the present invention.

FIG. 3 is a flowchart illustrating the process of a debt obligationpayment using a system of the present invention as shown in FIG. 2.

FIG. 4 is a flowchart of a process used by a loan servicer to retrieveand process information for forwarding to a 3rd party loan paymentfacilitator.

FIG. 5 is a flowchart of a process used by a third party loan paymentfacilitator to extract and process debt obligation data from one or moreloan servicers in accordance with the present invention.

FIG. 6 is a flowchart of a process used by a third party loan paymentfacilitator to receive and process transaction information from an ATMtransactions processor in accordance with the present invention.

FIG. 7 is a flowchart of a process used by a loan servicer to receiveand process transaction data from a 3rd party loan payment facilitator.

DETAILED DESCRIPTION OF THE PREFERRED EMBODIMENTS

Referring now to FIG. 2, a block diagram illustrating the overallorganizational structure of a system for automated debt payment inaccordance with the present invention is shown generally at 10. As seenin FIG. 2, the debt payment system of the present invention includes ATMnetwork 8 shown in more detail in FIG. 1, together with a loan or debtservicer's bank 22, a loan or debt servicer 24, and a 3rd party loanpayment facilitator 26. In the present application, the term “financialinstitution” is used broadly to refer to either depositories or debtservicers, including either loan servicer's bank 22, loan servicer 24,or a combination of these two in a single entity.

As described above in connection with FIG. 1, ATM network 8 includes anATM transaction processor 14, an ATM banking institution 16, a consumerbanking institution 18, and an ACH network 20. In order to clarify theoperation of the present invention, ATM network access device 15,communications path 17, back-up data and transactions log 13, andcommunications path 27 are omitted from ATM network 8 as shown in FIG.2, but these components would typically remain present to handle typicalknown ATM transactions as described in connection with FIG. 1 above.

3rd party loan payment facilitator 26 is connected with ATM transactionprocessor 14 of the ATM network 8 through communications path 31.Furthermore, the loan or debt servicer's bank may be connected with ATMtransaction processor 14 of the ATM network 8 through communicationspath 32. While this connection is not required, it can be used toprovide communication of transaction information and confirmationrecords between transaction processor 14 and the loan servicer's bank22.

The loan or debt servicer's bank 22 is connected with ACH network 20through communications means 33 and is connected to the loan or debtservicer 24 through a suitable communications medium 35, which be any ofan electronic, telephonic, or postal interconnection. 3rd party loanpayment facilitator 26 and loan or debt servicer 24 are also connectedwith each other through communications path 37, which is not necessarilya permanent connection, but rather may be periodically established“on-demand” when data communication is required.

In accordance with the present invention, 3rd party loan paymentfacilitator 26 and the loan servicer 24 cooperate with each other andwith the ATM network 8 to allow a consumer to complete a loan paymentusing the ATM network 8, and more particularly, using an ATM networkaccess device 15 (FIG. 1) at the ATM banking institution 16. 3rd partyloan payment facilitator 26 makes loan account information available tothe ATM network 8 through communications path 31. This information maybe uploaded to transaction processor 14 in a bulk transfer on a periodicbasis, such as once a day, or may be supplied to transaction processor14 on a transaction-by-transaction basis. In a case where a bulktransfer is used, communications path 31 may be an intermittent link,such as a dial-up modem connection, that is periodically establishedwhen it is necessary to transfer data to transaction processor 14.Conversely, when a transaction-by-transaction transfer is used,communications path 31 must be substantially permanent since transactionprocessor 14 will request such information any time a consumer initiatesan ATM transaction.

Communications path 31 is also used to transfer information fromtransaction processor 14 to 3rd party loan payment facilitator 26. Forexample, 3rd party loan payment facilitator 26 will receive informationfrom transaction processor 14 indicating that a user has completed apayment on an outstanding debt obligation. In this manner, the recordsmaintained by the 3rd party loan payment facilitator can be updated, ifdesired, to reflect that such payment has been made. As described inmore detail below, this information is also communicated to loanservicer 24 to assist, among other things, with updating loan recordsand investor reporting records, and with the settlement verificationprocess occurring between loan servicer 24 and the loan servicer's bank22.

3rd party loan payment facilitator 26 and loan servicer 24 are connectedand communicate through a communications path 37, which may be anysuitable data communications path, such as a dial-up modem connection,leased line, or TCP/IP connection. 3rd party loan payment facilitator 26receives loan account information from loan servicer 24. While a singlecommunications path 37 and a single loan servicer 24 are shown in FIG. 2for clarity, in practice the present invention will likely include anynumber of loan servicers and associated communications paths 37connected therewith. In such case, 3rd party loan payment facilitator 26will collect loan account information from each of the plurality of loanservicers 24 through the communications paths 37 and will process thisinformation as discussed in detail below to generate suitable loanaccount information for transfer to transaction processor 14 throughcommunications path 31.

As mentioned above, loan servicer 24 also receives payment transactionrecords from the 3rd party loan payment facilitator 26 throughcommunications path 37. In this manner, loan servicer 24 is notifiedthat a payment has been made and that it can expect to receive averification of such payment from the loan servicer's bank 22 in duecourse.

In a manner similar to the ATM banking institution shown in FIG. 1, theloan servicer's bank 22 is connected with the ACH network 20 of the ATMnetwork 8 and receives electronic loan payment credits from the ACHnetwork 20 through communications means 33. In accordance with oneimportant feature of the present invention, ACH network 20 may initiatemultiple electronic credits 33 a, 33 b, 33 c using communication means33. That is, where it is desirable that a loan payment be segregated anddeposited to multiple accounts, ACH network 20 will initiate multiplefunds transfers 33 a, 33 b, 33 c, etc., to each of the respectiveaccounts in an appropriate amount. In this manner, the burden on loanservicer 24 to segregate funds received from a consumer is eliminatedwhile segregation required by investors is maintained.

The process followed by a consumer to make a loan payment will now bedescribed in more detail in connection with FIG. 3. The loan paymentprocess shown in FIG. 3 illustrates the transactions performed by theATM network 8 (FIGS. 1 and 2) in response to a user request that a loanpayment be made, and funds transferred from the consumer's bankinginstitution 18 to a loan servicer's bank 22. FIG. 3 does not illustratethe process by which information about a consumer's loans are retrievedfrom the loan servicer 24 and made available to the ATM network 8 tofacilitate payment of these obligations. These features of the presentinvention are discussed in more detail below in connection with FIGS.4-7.

Referring now to FIGS. 2 and 3, the process starts in block 300. Inblock 302 a user initiates an ATM session by inserting his ATM card andentering an appropriate PIN into an ATM network access device, such asan ATM terminal. Once the user has successfully logged into the ATMnetwork, the user may elect to make a loan or debt payment in block 304.The user will be prompted to identify the loan for which he wishes tomake a payment, and to indicate the amount of payment that he wishes tomake. It should be noted that the user is not obligated to providedetailed information to identify the loan and the payment amount, butrather the user is provided with a series of display prompts that theuser can select to make a payment on a debt obligation. Exemplary ATMscreen displays and a flow diagram of such screens are provided asAppendix A attached hereto, illustrating the manner in which the presentinvention facilitates selection of a loan and entry of a payment amount.

In accordance with one feature of the present invention, the ATMnetwork, and more particularly the ATM network access device, mayautomatically prompt the user to make a loan payment when one is duewithin a certain predetermined time frame. That is, if a user logs intoan ATM terminal within a certain time period prior to a payment due datefor a debt obligation, the ATM system may display a suitable reminder tothe user that a loan payment is due, and offer the opportunity for thatuser to initiate a payment at that time. Therefore, it is to beunderstood that the following discussion of the loan payment processcould be initiated by a user either himself, or in response to a promptfrom the ATM network.

Also, in accordance with the present invention, a user is prohibitedfrom making a payment for an amount less than that which is due on thedebt obligation. That is, the user is prohibited from remitting apayment amount that is lower than that which is periodically due on thedebt obligation, thus preventing confusion and misunderstanding thatresult when a consumer errantly pays some amount less than the fullamount that is due under the obligation. The user may, however, elect topay an amount greater than that which is due, with any overage appliedto reduce the outstanding principal balance of the obligation.

Once the user has indicated the type of loan and the dollar amount ofthe payment to be made in block 304, the appropriate transactioninformation is sent from the ATM banking institution 16 to a suitabletransaction processor 14 in block 306. In block 308, the transactionprocessor receives this information, identifies the appropriate consumerbanking institution 18 associated with the user, and forwardsappropriate transaction information to the consumer's bankinginstitution 18.

The consumer's banking institution 18 uses this information to verifythat sufficient funds are available in the user's account to satisfy therequested transaction in block 310. The consumer's banking institution18 then generates an appropriate authorization message and returns it totransaction processor 14. In the event that sufficient funds are presentfor the transaction, the authorization message will indicate that thetransaction should proceed. In the event that insufficient funds arepresent for the transaction, the authorization message will so indicateand the transaction will be halted with an appropriate message beingdisplayed to the user at the ATM banking institution 16. In eitherevent, transaction processor 14 forwards the authorization message backto the ATM banking institution 16 as shown in block 312.

In block 314, assuming that sufficient funds exist for the transactionto proceed, transaction processor 14 generates appropriate debit andcredit instructions and forwards these instructions to the ACH network20 in order to initiate the actual transfer of funds between theconsumer's banking institution 18 and the loan servicer's bank 22.Specifically, the transaction processor 14 will request the ACH networkto debit the consumer's account at the consumer's banking institution 18by an amount equal to the debt payment amount indicated by the consumer,and will request that a credit be made to the appropriate loanservicer's account at the loan servicer's bank 22. One important featureof the present invention lies in the ability of the present invention torequest that multiple credits be made to automatically segregate fundsat the loan servicer's bank 22. By so doing, the effort ofadministration required by the loan servicer 24 is greatly reduced andsubstantial costs savings can be realized. In block 316, the ACH networkwill receive these fund transfer requests from the transaction processorand will generate and forward suitable debit and credit transactionrequests to the appropriate banking institutions.

In block 318, the transaction processor 14 will generate suitableconfirmations that the transaction has been completed and will forwardconfirmation records of such completion to the consumer's bankinginstitution 18, to the ATM banking institution 16, and to the 3rd partyloan payment facilitator 26. Transaction processor 14 can also forward aconfirmation record of such completion to the loan servicer's bank 22using optional communications path 32 as desired. With confirmation thatthe transaction has been successfully completed, a notice to that effectis displayed to the consumer and the process ends in block 320. Theabove debt payment transaction process described in connection with FIG.3 assumes that debt information is available to the ATM network 8 foruse in processing a consumer's request for a debt payment transaction.However, the currently known ATM system does not include suchinformation and it is an object of the present invention to provide asystem and method for making this information available to the ATMnetwork 8 to facilitate the payment of debt obligations in the mannerdescribed above in connection with FIG. 3.

In accordance with the present invention, means are provided with boththe 3rd party loan payment facilitator 26 and the loan servicer 24 toobtain the necessary information for use by the ATM network 8 inprocessing a consumer's debt payment request. In the most preferredembodiment, these means include software operating on a suitablecomputing device at both the 3rd party loan payment facilitator's 26location and at the loan servicer's 24 location. This software operatesto provide communication between the 3rd party loan payment facilitator26 and the loan servicer 24, as well as appropriate communication withATM network 8 using communications paths 31 and 37 shown in FIG. 2.

The software residing at the loan servicer's 24 location interfaces withcommunication path 37 to transfer information between loan servicer 24and 3rd party loan payment facilitator 26. During installation of thissoftware, various information is input by the loan servicer 24 tofacilitate this communication, including identification of the loanservicer's 24 type of modem and dial-in number for modem communications,operating environment, database design, systems platform, and contactinformation at the loan servicer's 24 place of business, etc.

As illustrated in FIG. 4 in block 400, the software scans the databaseof loan servicer 24 and in block 402 identifies customers electing touse the services of 3rd party loan payment facilitator 26. For example,the database of loan servicer 24 could include a field havinginformation identifying that customer as one electing to use theservices of the 3rd party loan payment facilitator 26. When a customeris located, the software extracts the necessary data elements from therecord and preferably stores this information in a temporary file inblock 404. The scanning process then continues in this manner until ithas completed scanning the entire database of loan servicer 24.

Exemplary data extracted from the loan servicer's 24 database is shownin Table I below. Of course, more or less information may be extractedand forwarded to 3rd party loan payment facilitator 26 as desired.

TABLE I ACCOUNT DATA RECEIVED FROM LOAN SERVICERS Data ElementDescription Servicer Identification Number Means by which 3rd party loanpayment facilitator uniquely identifies its customers SiteIdentification Number Means by which 3rd party loan payment facilitatoridentifies sub-components of its customers Servicer Name Servicer NameServicer Mailing Street Address Servicer Mailing Street Address ServicerMailing City Servicer Mailing City Servicer Mailing State ServicerMailing State Servicer Mailing Zip Code Servicer Mailing Zip CodeServicer Mailing Zip + 4 Servicer Mailing Zip + 4 Servicer ContactServicer Contact Servicer Contact Phone Servicer Contact Phone ServicerContact Fax Servicer Contact Fax Site Mailing Street Address SiteMailing Street Address Site Mailing State Site Mailing State SiteMailing Zip Code Site Mailing Zip Code Site Mailing Zip + 4 Site MailingZip + 4 Site Contact Site Contact Site Contact Phone Site Contact PhoneSite Contact Fax Site Contact Fax Borrower First Name Borrower FirstName Borrower Middle Initial Borrower Middle Initial Borrower Last NameBorrower Last Name Borrower Social Security Borrower Social SecurityNumber Number Co-borrower First Name Co-borrower First Name Co-borrowerMiddle Initial Co-borrower Middle Initial Co-borrower Last NameCo-borrower Last Name Co-borrower Social Security Co-borrower SocialSecurity Number Number Borrower Mailing Street Borrower Mailing StreetAddress Address Borrower Mailing City Borrower Mailing City BorrowerMailing State Borrower Mailing State Borrower Mailing Zip Code BorrowerMailing Zip Code Borrower Mailing Zip + 4 Borrower Mailing Zip + 4Property Mailing Address Location of the property securing the mortgageloan Property Mailing City Property Mailing City Property Mailing StateProperty Mailing State Property Mailing Zip Code Property Mailing ZipCode Property Mailing Zip + 4 Property Mailing Zip + 4 Loan NumberServicer's unique loan identifier Original Loan Balance Original dollaramount of the loan Outstanding Unpaid Principal Current amount owed bythe borrower Balance on the loan Outstanding Escrow Reserve Currentamount paid by the borrower Balance and held in escrow reserve by theservicer for the future payment of real estate taxes, insurance, etc.Principal Paid YTD YTD principal amount paid by the borrower InterestPaid YTD YTD interest amount paid by the borrower Tax Paid YTD YTD localproperty taxes paid by the borrower and collected and managed by theservicer, if any Insurance Paid YTD YTD home owners insurance paid bythe borrower and collected and managed by the servicer, if any MIPremium Paid YTD YTD mortgage insurance premium paid by the borrower andcollected and managed by the servicer, if any Current Loan Interest RateCurrent Loan Interest Rate Loan Type Indicator Identifies Loan as FixedRate or Adjustable Rate Current Principal Owed Amount of payment duethat will be applied to reduce the principal amount of the loan CurrentInterest Owed Amount of payment due that will be applied to the interestof the loan Current Escrow Tax Owed Amount of payment that will beapplied to local property taxes managed by servicer, if any CurrentEscrow Insurance Owed Amount of payment due that will be applied to paypremium on home owners insurance managed by servicer, if any Current MIPremium Owed Amount of payment due that will be used to pay premium forprimary mortgage insurance, if any Current Payment Owed Total paymentamount due to satisfy mortgage terms Current Servicing Fee (Percent)Percentage Amount of the Outstanding Unpaid Principal Amount withheld bythe servicer from the Current Interest Owed as compensation forperforming the loan servicing function Current Servicing Fee (Dollars)Dollar Amount of the Current Interest Owed withheld by the servicer ascompensation for performing the loan servicing function Date CurrentPayment Due Date by which payment must be received to satisfy mortgageterms Late Fee Due Date on which late fees/penalties will be added tothe Current Payment Owed if payment has not been received by theservicer Date of Last Paid Installment Date last payment was made whichsatisfied mortgage terms Penalties/Fees Owed Penalties or fees owed, inaddition to the Current Payment Owed P&I Routing Number ACH routingnumber (identifier) of bank at which principal and interest portion ofpayment is deposited P&I Account Number Account number into which P&Iportion of payment is deposited T&I Routing Number ACH routing number(identifier) of bank at which property tax and homeowners insurancepremium portion of payment is deposited T&I Account Number Accountnumber into which T&I portion of payment is deposited MIP Routing NumberACH routing number (identifier) of bank at which mortgage insurancepremium portion of payment is deposited MIP Account Number Accountnumber into which MI payment is deposited Fee Routing Number ACH routingnumber (identifier) of bank at which fees and penalties portion ofpayment (including servicing fee) is deposited Fee Account NumberAccount number into which fees and penalties portion of payment(including servicing fee) is deposited Investor Identification SecondaryMarket Owner of mortgage (if any) Investor Loan Number Investor's uniqueloan identifier Investor Remittance Type Investor loan classificationwhich identifies how the investor is to be paid the current principaland interest owed on the loan

In accordance with the most preferred embodiment of the presentinvention, the extracting software is executed at least once each daybetween 4 and 6 pm U.S. Eastern Standard Time. The software shouldautomatically initiate and complete the database scanning process basedon time parameters provided by loan servicer 24. Where automaticexecution is not possible, the software prompts a user as a reminderthat the database scan needs to be executed and informs the user as tohow long it has been since the last update was processed.

Once the appropriate data elements are extracted from loan servicer's 24database, the software establishes in block 406 a communications linkbetween the loan servicer 24 and the 3rd party loan payment facilitator26 and transmits this data to the 3rd party loan payment facilitator 26in block 408. While in this embodiment communications are initiated bythe loan servicer 24, it will be apparent to those of skill in the artthat it is possible, and in fact may be preferable, for 3rd party loanpayment facilitator 26 to initiate data communications with the loanservicer 24. Any suitable communications path can be used, including adial-up modem connection, leased line, TCP/IP or world wide computernetwork interconnection. In block 410, the software verifies that thedata has been accurately transmitted and retries the transmission if afailure occurs. Upon successful transmission, the process ends in block412.

As noted above, the system and method of the present invention willlikely interact with any number of loan servicers, or withgeographically dispersed operations centers of large loan servicers.Therefore, the above data extraction process is performed for any andall loan servicers or operations centers having information that must becommunicated to the 3rd party loan payment facilitator 26.

The data from each of the loan servicers 24 is received by 3rd partyloan payment facilitator 26 using appropriate communications andprocessing software, which is illustrated in flow chart form in FIG. 5.This software is capable of receiving data from a plurality of loanservicers or operations centers. A log of records received from eachloan servicer is also generated and stored with the 3rd party loanpayment facilitator 26. As seen in FIG. 5, the process begins with theinitiation of a daily download in block 500. The software retrieves fromthe loan servicer 24 the required data elements extracted from the loanservicer's records (FIG. 4, block 404) in block 502. If the transmissionfails in block 504, control returns to block 500 and the downloadsession is repeated. Upon a successful transmission, the extracted datais saved in block 506 and converted to an appropriate format in block508 for storage in a database at the third party loan paymentfacilitator's 26 location. The data may also be saved to a back-up logfor subsequent recovery or verification purposes. The data formattingused by each of the loan servicers 24 may or may not correspond to eachother and to the format used by 3rd party loan payment facilitator 26.Therefore, when an incompatible data format is used, the 3rd party loanpayment facilitator 26 first converts the information into a formatcompatible with the third party loan payment facilitator's 26 databasesystem.

Once the software receives, converts and stores data from all loanservicers 24 or from all operations centers of geographically dispersedloan servicers, the data is converted and aggregated into a suitableformat for communication to ATM network 8 (FIG. 2) as shown in block510. In the most preferred embodiment of the present invention, the datais converted to an ANSI X.9, ANSI X.12, or ISO 8583 format, which arecommonly used for ATM network data. While the above process is thepreferred method in accordance with the present invention of receivingand processing the debt related information, it is to be understood bythose of skill in the art that the data retrieval, formatting, andstorage can be modified as desired. The primary objective achieved bythe present invention is the retrieval of information of one or moreloan servicers and the conversion of this information into a form thatcan be readily processed by an ATM transaction network to permit a userof the ATM network to view this data or to initiate a transaction inresponse to this data.

This data is then communicated in block 512 to ATM network 8 through acommunication path 31, for example. In accordance with the presentinvention, the totality of this data can be downloaded to transactionprocessor 14 so that it is readily available when a consumer initiates adebt payment transaction using ATM network 8, or it may be stored in adatabase at the 3rd party loan payment facilitator's 26 location andsingle data records can be transferred to the ATM network 8 as requiredin response to a request from the transaction processor 14. This data isthen used by the transaction processor 14 in the fashion described abovein connection with FIGS. 2 and 3 to process debt payment requestsinitiated by a consumer. If the data is found to be successfullytransmitted to the transaction processor 14 in block 514, the processterminates in block 516. If a transmission error is determined in block514, then the process returns to block 512 and the data is retransmittedto the ATM processors until a successful transmission is achieved.

The 3rd party loan payment facilitator 26 software further operates toreceive a record of each debt payment transaction processed by thetransaction processor 14, either on a transaction-by-transaction basisor in bulk form at the end of each business day. A flowchart of thisportion of the software is shown in FIG. 6. The process begins in block600 with the initiation of a download process. The software receivesinformation for all successfully completed transactions in block 602.Table II includes an example of the data that is received in accordancewith the present invention from transaction processor 14.

TABLE II TRANSACTION DATA RECEIVED FROM PROCESSOR Data ElementDescription Date Payment Received Date Payment Received Total Amount ofPayment Total Amount of Payment Servicer Identification Number Means bywhich 3rd party loan payment facilitator uniquely identifies itscustomers Site Identification Number Means by which 3rd party loanpayment facilitator identifies sub-components of its customers LoanIdentifier Servicer's unique loan identifier/Loan Number associated withpayment P&I Routing Number ACH routing number to which P&I portion ofpayment was sent P&I Account Number Account number to which P&I portionof payment was sent P&I Deposit Amount Amount of payment deposited toP&I account T&I Routing Number ACH routing number to which T&I portionof payment was sent T&I Account Number Account number to which T&Iportion of payment was sent T&I Deposit Amount Amount of paymentdeposited to T&I Account MIP Routing Number ACH routing number to whichMIP portion of payment was sent MIP Account Number Account number towhich MIP portion of payment was sent MIP Deposit Amount Amount ofpayment deposited to MIP Account Fees and Penalties Routing ACH routingnumber to which fees and Number penalties portion of payment was sentFees and Penalties Account Account number to which fees and Numberpenalties portion of payment was sent Fees and Penalties Deposit Amountof payment deposited to fees Amount and penalties account

If the transmission fails in block 604, the process returns to block600, where the download procedure is retried. Upon successfultransmission of the data, the process proceeds to block 606, where thedownloaded data is saved. In block 608, the transaction records aredisaggregated by loan servicer. From this information, detailed recordsof the amount of funds transferred for each outstanding obligation arereceived and this information can be compared with the records receivedfrom the loan servicer 24 and appropriate entries made to indicate thatcertain debt obligations have been paid.

Next, in block 610, the 3rd party loan payment facilitator 26 softwareformats this information into a suitable form and forwards, in block612, suitable information to the loan servicers 24 sufficient toidentify the transactions completed for the given reporting period. Inthe event that no transactions have been processed for a particular loanservicer 24, this information is also forwarded to the loan servicer 24to confirm that no transactions in fact occurred. If the transmission isfound to be successful in block 614, then the process ends in block 616.Otherwise, control returns to block 612, where the transmission to theloan servicers 24 is retried.

Referring to FIG. 7, upon receipt of this information in block 700, loanservicer 24 will save the information in block 702 and update itscustomer records in block 704 to reflect the payments processed by theATM network 8, and will further use this information to aid in thesettlement verification process and reconciliation of its bank accountswith loan servicer's bank 22. Furthermore, with this timely data, theloan servicers 24 can generate any necessary reports of transactions andcurrent loan balances for forwarding to investors or secondary marketagencies as required. Loan servicer 24 will then prepare the data fordownload the following day to the 3rd party loan payment facilitator inblock 706.

In accordance with the present invention, appropriate modifications aremade to the ATM network 8, and specifically to the ATM network accessdevice, or ATM terminal, 15 shown in FIG. 1. A consumer electing to makea loan or debt payment or inquiry through an ATM selects an appropriateoption from the ATM functional menu, after first having passed throughthe standard access requirements (i.e., inserting a magnetic-stripeATM/debit card and entering an associated PIN). Once access has beengained, the consumer selects a payment option from the ATM functionalmenu, then selects the type of payment (i.e., mortgage, auto, homeequity, credit card, other), elects to either make a payment or receiveloan balance information only, and completes the transaction byresponding to a series of prompts displayed on the ATM screens. If theuser elects to receive loan balance information only, this informationis retrieved as described above and provided to the user on a displayportion of the ATM network access device or alternatively provided tothe user in the form of a written receipt printed by the ATM networkaccess device.

If payment is the option selected, the amount of the payment due and thename of the payee is displayed to the consumer for verification. Theconsumer is further given the option of paying additional funds to beapplied to the loan principal balance, by keying the total dollar amountto be paid through the numeric key pad incorporated into all ATMs. Inthe most preferred embodiment, the invention will not allow the consumerto remit a payment amount less than the minimum payment due as displayedon-screen to the consumer. Once the consumer is satisfied that theamount to be remitted for loan payment is correct, the consumer electsto send the payment, again responding to a system prompt. If adequatefunds are available in the consumer's transaction account to cover theamount of the payment, the consumer is given a receipt evidencing thetransaction, and is returned to the ATM's main display screen foradditional transactions. If sufficient funds are not available for thepayment amount entered, the consumer is advised of the condition, thepayment transaction is terminated, and the consumer is returned to theATM's main display screen for additional transactions.

Although the invention has been described with reference to specificembodiments, various modifications of the disclosed embodiments as wellas other embodiments of the invention will become apparent to personsskilled in the art on reference to the detailed description of theinvention contained herein. Accordingly, the claims of the presentapplication should not be limited to the specific preferred embodimentsdescribed.

We claim:
 1. A method of processing a debt payment on a consumer debtobligation using an ATM network comprising the steps of: communicatingconsumer debt obligation information for at least one consumer debtobligation from at least one debt servicer responsible for said at leastone consumer debt obligation to a third party payment facilitator when aconsumer has indicated to the at least one debt servicer that theconsumer elects to use the third party payment facilitator to effectfuture payments over an ATM network; storing said consumer debtobligation information in a computer database separate from said atleast one debt servicer; receiving command information with an ATMnetwork access device from the consumer sufficient to identify theconsumer debt obligation; receiving command information with an ATMnetwork access device from the consumer sufficient to identify theconsumer debt obligation; accessing said consumer debt obligationinformation to retrieve at least a portion of said consumer debtobligation information corresponding to said command information; andtransmitting said portion of said consumer debt obligation informationto a transaction processor associated with the ATM network to facilitatea transaction requesting that funds be transferred from an accountassociated with said consumer to at least one account at a bankinginstitution associated with said at least one debt servicer whereby apayment on the consumer debt obligation is made; wherein said fundstransferred from said account associated with said consumer are dividedinto at least first and second portions prior to being transferred tosaid at least one account at said banking institution and aretransferred to at least two different accounts at said bankinginstitution.
 2. The method of claim 1 further comprising the step ofdisplaying a reminder to the consumer that a payment is due and whereinsaid command information received from the consumer is received inresponse to said reminder.
 3. The method of claim 1 wherein saidconsumer debt obligation is a mortgage obligation and a first one ofsaid at least two different accounts at said at least one bankinginstitution receives funds including at least a principal portion ofsaid mortgage obligation and a second one of said at least two differentaccounts at said at least one banking institution receives fundsincluding an escrow portion of said mortgage obligation.
 4. A method ofprocessing a debt payment on a consumer debt obligation using an ATMnetwork comprising the steps of: communicating consumer debt obligationinformation for at least one consumer debt obligation from at least onedebt servicer responsible for said at least one consumer debt obligationto a third party payment facilitator when a consumer has indicated tothe at least one debt servicer that the consumer elects to use the thirdparty payment facilitator to affect future payments over an ATM network;storing said consumer debt obligation information in a computer databaseseparate from said at least one debt servicer; receiving commandinformation with an ATM network access device from the consumersufficient to identify the consumer debt obligation; accessing saidconsumer debt obligation information to retrieve at least a portion ofsaid consumer debt obligation information corresponding to said commandinformation; and transmitting said portion of said consumer debtobligation information to a transaction processor associated with theATM network to facilitate a transaction requesting that funds betransferred from an account associated with said consumer to at leastone account at a banking institution associated with said at least onedebt servicer whereby a payment on the consumer debt obligation is made;wherein said transaction requesting that funds be transferred from anaccount associated with said consumer to said at least one account atsaid banking institution comprises at least two electronic creditrequests.
 5. A system for processing a debt payment on a consumer debtobligation using an ATM network comprising: debt servicer access meansfor communicating consumer debt obligation information for at least oneconsumer debt obligation from at least one debt servicer responsible forsaid at least one consumer debt obligation to a third party paymentfacilitator when a consumer has indicated to the at least one debtservicer that the consumer elects to use the third party paymentfacilitator; storage means connected with said debt servicer accessmeans for storing said consumer debt obligation information in acomputer database separate from said at least one debt servicer andassociated with the third party facilitator; ATM network access meansconnected with said storage means for transferring at least a portion ofsaid consumer debt obligation information to an ATM network; input meansfor receiving commands using an ATM network access device from a useridentifying the consumer debt obligation; database accessing meansconnected with said input means and said ATM network access means foraccessing said computer database in response to said commands toretrieve at least a portion of said consumer debt obligation informationfrom said database; and transmission means connected with said data baseaccessing means for transmitting said portion of said consumer debtobligation information to a transaction processor associated with theATM network to facilitate a transaction requesting that funds betransferred from an account associated with said consumer to an accountat a banking institution associated with said at least one debtservicer; wherein said funds transferred from said account associatedwith said consumer to said at least one banking institution are dividedinto at least a first and second portion prior to being transferred tosaid banking institution and are transferred to at least two differentaccounts at said banking institution.
 6. The system of claim 5 furthercomprising display means for displaying a reminder to the consumer thata payment is due and wherein said commands received from the consumerare received in response to said reminder.
 7. The system of claim 5wherein said consumer debt obligation is a mortgage obligation and afirst one of said at least two different accounts at said at least onebanking institution receives funds including at least a principalportion of said mortgage obligation and a second one of said at leasttwo different accounts at said at least one banking institution receivesfunds including an escrow portion of said mortgage obligation.
 8. Amethod of electronically making a payment on one consumer debtobligation of a consumer using an ATM network comprising the steps ofcommunicating data relating to said one consumer debt obligation from adebt servicer responsible for the consumer debt obligation to a thirdparty payment facilitator, receiving input from said consumer directinga payment to be made on the consumer debt obligation in accordance withsaid data, dividing the payment into at least a first portion and asecond portion prior to transferring funds from a consumer accountassociated with the consumer to an account at a banking institutionassociated with said debt servicer, and generating at least twoelectronic credits processed by said ATM network corresponding to saidfirst portion and said second portion to transfer funds from saidconsumer account to at least two different accounts at said bankinginstitution associated with said debt servicer.
 9. The method of claim 8wherein said consumer debt obligation is a mortgage obligation and afirst one of said at least two different accounts at said bankinginstitution receives funds including at least a principal portion ofsaid mortgage obligation and a second one of said at least two differentaccounts at said banking institution receives funds including an escrowportion of said mortgage obligation.